The Top Easy Access Savings Discussion Area

happybagger

Not an account I'm interested in, but the website homepage says

Withdraw any time

Our Easy-Access accounts have unlimited penalty-free withdrawals.

Band7

Malchester said:

From moneysavingsexpert : Gavin Shepherd 5 September 2022 here is the quote

Chip is introducing fees for autosaving from 12 October 

There’s currently no fee to save using Chip’s standard plan, and this is set to stay the same. However, on 12 October new charges for certain optional features will take force:

• Using 'auto-save' will cost 45p each time. There's no fee for this service at present. As outlined above, with the auto-save function, Chip uses an algorithm to see how much you can afford to save and moves it into a savings account automatically.
  
  
• 'Recurring saves' will cost 25p each time. There's no fee for this service at present. This feature allows you to automatically deposit money into any cash savings account, or investment fund, on the day that suits you, either, weekly, fortnightly or monthly. This includes the 'Payday Put Away' function, which sets aside a regular amount into your savings every time you get paid.

In addition, from 12 October: 

• You'll be charged £1 per withdrawal if you make more than two withdrawals in a 28-day period. This applies to all accounts, including easy-access savings accounts. 

You will not get charged for withdrawals from the CHIP instant access saver. 

I go by the the CHIP T&Cs, as these take precedence over what MSE says. As an aside, my own personal experience with the CHIP instant access saver is in line with the CHIP T&Cs.

I would recommend that everyone else is also going by the CHIP T&Cs.

Malchester

Money to the Masses 8 December 2022 also says 2 free withdrawals a month and then £1 per withdrawal after that. Sorry can't copy thd quote, won't let me. 

The penalty free withdrawals I read as  not losing bonus/interest for making a withdrawal 

Band7

Malchester said:

Money to the Masses 8 December 2022 also says 2 free withdrawals a month and then £1 per withdrawal after that. Sorry can't copy thd quote, won't let me. 

The penalty free withdrawals I read as  not losing bonus/interest for making a withdrawal 

Please stop quoting from all sorts of third party sites. Provide the CHIP T&Cs that state that they charge for withdrawals from their instant access account.

TiVo_Lad

Neither the Current Terms and Conditions, or those effective from next month, available on the CHIP website, make any mention of fees for the Instant Access Savings Account.

https://www.getchip.uk/savings-accounts/instant-access-account

Near the bottom under "Got a question?"

pecunianonolet

So if I sign up to Chip today under the current terms, will my contract, and therefore bonus payments, remain the same or will they switch my account to the new terms automatically, which I think would require my approval. The treatment of bonus being only available once all other funds were moved out and back in was not in my favour so gave it a miss. 

Also, the terms specify the spped on how you can access money, similar business model to AlRyan with Mon-Friday banking and 5pm cut off time.

Thinking wether to sign up now or wait until the new terms are in force on the 11/2

flaneurs_lobster

pecunianonolet said:

So if I sign up to Chip today under the current terms, will my contract, and therefore bonus payments, remain the same or will they switch my account to the new terms automatically, which I think would require my approval. The treatment of bonus being only available once all other funds were moved out and back in was not in my favour so gave it a miss. 

Also, the terms specify the spped on how you can access money, similar business model to AlRyan with Mon-Friday banking and 5pm cut off time.

Thinking wether to sign up now or wait until the new terms are in force on the 11/2

Most of these points were dealt with in an email that  I (and I assume anyone else who has a 3% account open with them) received yesterday. I'm not going to redact and copy a five page email here so why don't you open an account and shove a quid in it and I'm sure they'll let you know too.

AmityNeon

I also read those (multiple) outdated articles referencing withdrawal fees and promptly dismissed them when I could find nothing in Chip's own terms for their Instant Access Account. I've made more than two withdrawals a month and haven't been charged a penny.

pecunianonolet said:

Also, the terms specify the speed on how you can access money, similar business model to AlRyan with Mon-Friday banking and 5pm cut off time.

The product-specific terms (summary box) state the following:

If you provide an instruction to withdraw funds from a Chip Instant Access account we will action your instruction that day. It may take up to 2 hours for your cash funds to reach your bank account, whilst Bonus withdrawals can take up to one business day.

In practice, withdrawals are almost instant, even on Sundays.

Malchester

I have received an email direct from a Chip staff member following a question I raised about withdrawal fees from easy access accounts. Here it is

Hi Malcolm, we will be introducing this fair use fee, however this is not live yet and you will not be charged for any withdrawals at this time.

So I was slightly wrong, being previous, and slightly right as they ars doing it

Band7

CHIP instant access is currently the best instant access account by a country mile, with unlimited and free-of-charge 24 x 7 withdrawals, with two caveats

1. the bonus-thing. Luckily, it is relatively simple to handle but it is a pain. Problem will go away on February 11, which is super news
   
   
2. they enrol you into their silly auto-saving by default. The first I knew about this was when they sent me an email one morning to tell me they will take some amount from my current account later in the day. I saw the message in time to turn off auto-saving before they helped themselves to some of my money (auto-saving comes with all sorts of charges). Turning it off is permanent, so do turn it off unless you perceive a benefit from it.

CHIP is app-only, which will turn off some people. I personally love apps, so don't consider this an issue. Some may also object to their use of Open Banking but this is, IMO, a technological advance that's with us to stay.